Israeli spinal implant company ApiFix has raised a $5 million Series B investment round, which will be closed by the end of next month. Based in Misgav in northern Israel, ApiFix is part of the Trendlines Group. B. Braun Melsungen Aesculap division has invested $2.8 million in the latest financing round.
ApiFix is disrupting the scoliosis device market with its minimally invasive, non-fusion spinal implant system for the correction of Adolescent Idiopathic Scoliosis (AIS). Traditional surgical correction is a highly invasive procedure involving fusion, which results in a rigid spine and low patient quality of life. The ApiFix system is implanted in a minimally invasive procedure and does not require fusion, thus maintaining spine flexibility and high quality of life. The global market for ApiFix is over $1.15 billion.
ApiFix received CE Mark approval in 2012 and is marketing its device in Europe. More than 100 operations have been performed with the ApiFix implant; first patients are now 4-years post-surgery. Clinical results and patient quality of life are excellent. ApiFix CEO Dr. Eran Feldhay said, "Clinical experience with ApiFix's non-fusion correction system for the treatment of scoliosis is growing. We have now completed more than 100 surgeries with overwhelmingly positive results. This funding round will support our FDA submission in the coming months and assist the expansion of our clinical and commercial activities in Europe." ApiFix's founding investor and largest shareholder, The Trendlines Group, welcomed the B. Braun investment. Todd Dollinger, Trendlines chairman and CEO, who also serves as ApiFix chairman, said: "This round positions ApiFix for accelerated growth and brings B. Braun's substantial experience to ApiFix's board of directors. We look forward to B. Braun contributing to bringing ApiFix's breakthrough scoliosis solution - and future products - to patients around the world."
B. Braun, one of the world's leading providers of healthcare solutions, began partnership activities with Trendlines in 2015. Trendlines and B. Braun have established mutual deal flow to identify potential new investment opportunities and are working together in the establishment of incubators and collaboration in the development of new technologies, solutions, and products. B. Braun invested approximately US$5 million in Trendlines as a cornerstone investor in Trendlines' 2015 initial public offering in Singapore. B. Braun and Trendlines have executed a memorandum of understanding for co-investment in Trendlines Medical Singapore, Trendlines' first incubator outside of Israel.
Prof. Dr. Hanns-Peter Knaebel, a member of the B. Braun Management Board and CEO of their Aesculap division, said "Our deep interest in innovation and in bringing disruptive products to patients and the medical community drives our internal R&D efforts and, as well, brings us to search the world for investment opportunities to achieve these same goals. Our investment in ApiFix, a Trendlines portfolio company, further cements the B. Braun / Trendlines collaboration effort."
Published by Globes [online], Israel business news - www.globes-online.com - on November 28, 2016
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